Price Elasticity of Demand: What Is Elasticity? | Part 1

This video provides an overview of what price elasticity of demand is and how it is measured.
How elastic are rubber bands? You might try to answer the question by stretching a rubber band over your finger and shooting it across the room. To an economist, however, elasticity can have a whole other meaning. These three short videos provide an overview of what price elasticity of demand is, describe what factors influence elasticity, and discuss some common applications of the concept.
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00:00 - Introduction
02:31 - Elastic Demand
03:36 - Inelastic Demand
04:00 - Unit Elastic Demand
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